The advertiser community needs help dealing with the vast quantities of data generated not only from third parties (like social media platforms and the audience measurement organizations) but also from their own first-party data-sets. It’s one reason why advertisers are increasingly taking what used to be perceived as media agency tasks in-house.
In Norway, for example, the consumer goods conglomerate Orkla has combined with the country’s largest bank, DNB, to set up an in-house data business. As DNB’s company statement puts it, “DNB and Orkla are creating a common company in data-driven marketing. This is as a specific response to the major changes in the media market and the need for greater ownership and a more thorough management of consumer data.”
Agencies should be worried – as I have said many times before, advertisers’ trust in their agencies is at a low point. Why would you hand over responsibility for your data assets to an organization you don’t trust? When it comes to audience measurement, advertisers are crying out for objective, verifiable data from as few sources as possible. It is far better to come together (as Samir Pradhan from Google said at the asi event) and to seek compromises within a joint industry framework than to keep arguing the toss around what counts as an ad being viewable.
It may be heresy to say so, but most advertisers would rather be roughly right than totally wrong. If we can’t get to measurement perfection maybe we all have to learn to live with best estimates (a principle which served us pretty well until someone invented “big data”). Advertisers want advice on how to combine data-sets and how to use the insights generated to improve both their messaging and the placement of messages.
Research businesses, along with management consultancies, would seem to be in a prime position to help — but management consultancies typically aren’t great at creativity (which would explain Accenture’s purchasing of several creative outfits) whereas research agencies are good at collecting data, but less good at putting it to use to help solve advertisers’ business issues.
The opportunity is there, and there’s a vacuum where the large media agencies used to be. Who will fill it?
Brian Jacobs spent over 35 years in advertising, media and research agencies including spells at Leo Burnett (UK, EMEA, International Media Director), Carat International (Managing Director), Universal McCann (EMEA Director) and Millward Brown.
Appeared first in MediaVillage